The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-08-06
STATE OF TRADE.
Extracts from r. G.. Dun &
Co.'S Weekly Review.
THE WESTERN WHEAT DEAL
Considerable Specie Tied Up-Disap-
pointing Crop PrOspects-Fail-
ures-Other Notes.
The Trade ReHiaw

The Trade Review.
New YORK, August 5.-R. G. Dun &
Co., in their weekly review of trade, say
the collapse of the Callfornia wheat
ring teaches an old lesson, that every
body is stronger than anybody, and
not even bonanza wealth can with im-
punity defy the laws of trade. The
effect on the Atlantic markets, through
a change in railroad and tele-
graph operations, can not vet be
anticipated. Even in San Francisco
the results are hidden, boarding hay-
ing suspended, as well as pool, but
losses of Sc ,0O0, 600 or 81 ,000,O0O will fall
heavily somewhere, and the wheat held
by the ring is said to be 5000, 600 bush
els in California, 750,GO on sea and
8 300 600 in Liverpool hangs over the
market threatening continued depres-
sion abroad and here. The average
cost to the ring is said to be more than
the wheat brings now in New York.
Final official statements show 49,
8Sl. 022 bushels net exports for the year,
but if this quantity of $500, 100 bushels
owned by the California ring is still as
much in the way as if it had not been
shipped. A slow movement for some
time to come seems to be probable,
which may help the money market to
some extent. Stocks tumbled
again, but have recovered @ little.
On Saturday they averaged
81 per share lower than July,
2 and 3 lower than in January, and
were trife lower than year ago, but
to-day thu market was stronger. The
absence of investors, absorption of cap
ital, and fear or the consequences of
RECENT FAILURES
in railroad regulations and wheat oper-
atoms, sufficiently explain the late
weakness. Railways are pressed by the
lowest Lake rates of the years cents
for wheat from Chicago to Buffalo. and
in June the canals moved to New York,
400 900 bushels against 5000, 900 by
trunk lines, but the main fact is that
money has found other houses.
Secretary Fairchild offers to pay the
interest with rebate, and buy bonds if
offered low enough, but the men who
have bonds are not the men who need
terest is payable to banks on bonds,
and it is certain to be drawn unless
the rebate is hereafter abandoned,
and whether the banks or the permanent
investors will sell the bonds at accept
able terms, is uncertain. The order,
IN short, affects monetary confidence
more than the actual supply of money.
The expectation that less will be spent
west and south, because the banks
there hold $6,000,000 more than a year
ago and $40 ,000, 900 more than two years
ago, is met by the fact that the loans of
the same banks in the western and
southern States have increased $88 ,000,-
600 since last year, and $l42 900, 900 in
two years, showing q great increase in
the demand for money in new enter
prises. Reports from interior points
are almost uniformly favorable, put
money is already reported light at Kan
sas City, Atlanta and some other points.
The demand appears greater than the
supply at Cleveland and Omaha and
collections are less satisfactory at
ably reported in Michigan and Georgia.
DISAPPOINTING RESULTS
according to st. Paul advices, but else
where the accounts are excellent. The
season is one of comparative inactivity
in trade, but Of preparation for the
future, and the great confidence felt
recentlv-in some quarters are less
strongly manifested. At the east,
heavy shipments of money to the west
and large engagements for the future
attract attention. Boston has put $45,-
900, 900 into new undertakings and
pledged $50 OOO, 900 more. A similar,
though small drain, is felt at Philadel-
phia and Baltimore. The Treasury has
taken from the market during the week
SAC, OOO, 900 in gold, with substantially
no change in silver and legal tenders.
The advance in rates by the Bank of
England, though explained by South
American shipments, was doubtless
calculated to arrest any movement to
this country, but recent exports are
not large, the shipments from New York
for five weeks being per cent. below
those of last year, with 9 per cent. in.
crease in imports. The heavy imports of
iron in June-546, 900 tons of pig, 81 .133
scrap and 81, 665 manufactured-cause
less confident tone. Rails are offered TO
winter delivery, by some makers at
$3.50. Wool is also offered lower by
some holders, and the wooden
goods market shows no great
activity. Print cloths are lower,
but other cottons are nrmly held. In
brief, great speculstions have unpleasss
antly
BLOCKED THE WHEELS OF TRADE
in many branches, and absorbed or
locked up vast sums of money, which
will be wanted during the fall; but for
their pecunious influence the outlook
would be far more encouraging.
Business failures for the week number
for the United States 163, for Canada 20;
total 1S3-compared with 1S4 last
week, and 154 for the corresponding
week of last year.